New Finance Bank acquires Pride Malawi
The New Finance Bank (NFB) has acquired Pride Malawi assets, a micro-finance entity that offers loans to small and medium sized businesses across Malawi.
NFB Chief Executive Officer (CEO), Zandile Shaba described the acquisition as a ground breaking, saying it conforms to the government’s agenda of growing national entrepreneurship base to ultimately bring about financial inclusion, bank the unbanked.
“It is a significant step for the sector and acknowledges the need to take Malawi to next the level. Pride Malawi is a well-established and acquiring it as a base for growth can only benefit Malawians in the broader narrative of African development,” said Shaba.
“The acquisition will extend the benefits of micro-financing to even more Malawians Pride.”
Malawi has about 30 outlets across the country and NFB believes the acquisition with enhance its vision and impact of helping Malawians build their businesses.
The acquisition is with effect from 1st July, 2018. New Finance Bank is part of Frankfurt-listed Fintech, MyBuks SA and Finsbury Investment Limited, an investment holding company.
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